52% pass rate for November FASEA exam

Fifty two per cent of advisers who sat the Financial Adviser Standards and Ethics Authority (FASEA) exam passed, according to the authority.

Announcing the exam outcome, FASEA said 91% of advisers who have sat the exam have passed.

Its official announcement said the latest result had highlighted:

Over 17,950 advisers have passed the adviser exams held to date.

Of those who have passed:

Over 15,500 are recorded as active financial advisers on ASIC FAR, representing 82% of active advisers on ASIC’s Financial Adviser Register (FAR).

Over 1980 are ceased advisers on the FAR and can be re-authorised.

Over 430 are new entrants and can be authorised as a Provisional Financial Adviser.

Overall, 91% of advisers who have sat the exam have passed.

To date, 3197 unsuccessful candidates have re-sat the exam with 66% passing at a re-sit.

63% of candidates sitting the exam for the first time passed the November exam (compared with an average of 75% across all exams)

52% of all candidates passed the November exam

2129 advisers sat the November exam compared with an average of 1500 across all exams

65% of candidates were resitting the exam compared to an average of 18% across all exams

FASEA Chief Executive Offer Stephen Glenfield noted that over 19,775 advisers had sat the exam with approximately 9 in 10 demonstrating they had the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam.

“The high pass rate reflects that the Exam is an achievable exam for competent relevant providers regardless of their area of specialisation,” he said.

Existing advisers who have sat the exam twice before 1 January 2022 have until 1 October 2022 to pass the exam.  Existing advisers who have not sat the exam twice before 1 January 2022 must pass by this date and are encouraged to contact their Licensee to discuss next steps.

ASIC will be responsible for the administration of the Exam from 1 January 2021.